Getting ready to sell
Choose and agent you can trust
Establish who is active and successful in the area? Do they communicate well and appreciate your requirements? Agree a marketing plan designed to attract the right buyers and achieve the best price? BEWARE: Many agents quote a high price out of ignorance or desperation to list your property. Their failure can be your disaster.
Choose a conveyancer
You do not have to use anyone in particular. Confirm that the practice specialises in conveyancing. Ensure the person you are dealing with will be doing the work and not delegating it? Obtain a fixed-price quotation. Are there any ‘extras’?
Presentation of your property, putting your best foot forward
Carry out maintenance items and gardening. De-clutter and rearrange furniture. Get spare keys for the agent. If a rental property, it is usually worth negotiating a rent rebate in exchange for the tenant’s cooperation. NOTE: Make improvements only that will boost the net price. We work with interior design teams that can simplify this process for you.
Select your method of sale
In the luxury market in the CBD we recommend Private Treaty
Private Treaty sales involve negotiation to agree the price and terms. Legal commitment by both parties only happens on ‘exchange’ of contracts (ie when they are signed, swapped and deposit paid).
The purchaser can ‘cool off’ (ie change their minds) within 5 working days and forfeit 0.25% of the purchase price unless the contract is made unconditional. The vendor is always bound. An unconditional sale is obviously preferred but it depends on the circumstances.
Getting onto the market
‘Open houses’ must be at pre-arranged times especially on a Saturday. Other inspections should be strictly by appointment. We like to do Wednesday and Saturday set OFI along with private appointments to cater for customers with special requests.
One-off promotion generally includes prominent/highlighted internet listings, a signboard, prestige brochures (with floorplan and detailed property information), window display and letterbox marketing to local properties. Newspaper advertising (and editorials) depend on the type of property and where buyers would look. A good local agent will have many ‘qualified’ buyers to take through already.
With decades of experience we tailor every marketing plan to optimise and activate our market in the most efficient and cost effective manner. Every property is different and the strategies we us depend on the property itself.
The time to settle will have been agreed on exchange. It is usually six weeks, though longer and shorter settlements are not uncommon. This time can then only be changed by mutual agreement of both parties. The Purchaser’s solicitor (or conveyancer) obtains all necessary searches whilst the Vendor’s solicitor (or conveyancer) arranges for any mortgage to be discharged.
Services such as electricity, gas, phone and mail redirection need to be organised before settlement. At settlement, the Vendor is paid out the balance of the purchase moneys after deduction of any loan and adjustment for rates, etc. The agent is paid the commission and costs, often from the deposit they are holding on behalf of the parties.
The property must be vacated by the time of settlement and all keys handed over. It is usual for the purchaser to carry out a final (pre-settlement) inspection prior to settlement.